FORT SMITH, Ark., April 14, 2020 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB) will announce its first quarter 2020 financial results prior to the opening market on Tuesday, May 5, 2020. A conference call with company executives will be held that day at 9:30 a.m. EDT (8:30 a.m. CDT) to discuss these results. Interested parties are invited to listen by calling (800) 404‑8174.
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ArcBest Announces Its First Quarter 2020 Earnings Conference Call
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Re: ArcBest Announces Its First Quarter 2020 Earnings Conference Call
A little late posting this because it never showed up on Yahoo! And it is not good just as expected
ArcBest Announces First Quarter 2020 Results
First quarter 2020 revenue of $701.4 million, and net income of $1.9 million, or $0.07 per diluted share. On a non‑GAAP1 basis, first quarter 2020 net income was $9.4 million, or $0.36 per diluted share.
Asset-Based tonnage growth and cost management resulted in solid profitability
Asset-Light business impacted by lower demand and reduced revenue per shipment
COVID-19 pandemic did not significantly impact first quarter financial results
FORT SMITH, Arkansas, May 5, 2020 — ArcBest® (Nasdaq: ARCB) a leading logistics company today reported first quarter 2020 revenue of $701.4 million compared to first quarter 2019 revenue of $711.8 million. First quarter 2020 operating income was $7.8 million compared to operating income of $8.6 million in the same period last year. Net income was $1.9 million or $0.07 per diluted share compared to first quarter 2019 net income of $4.9 million, or $0.18 per diluted share.
Excluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP operating income was $12.4 million in first quarter 2020 compared to first quarter 2019 non-GAAP operating income of $11.3 million. On a non-GAAP basis, net income was $9.4 million, or $0.36 per diluted share, in first quarter 2020 compared to first quarter 2019 net income of $6.7 million, or $0.25 per diluted share.
“The effects of the coronavirus pandemic began impacting our customers’ businesses in late March,” said Judy R. McReynolds, Chairman, President and CEO of ArcBest. “In some cases, we began handling new shipments related to the pandemic while we also started to experience impacts of reduced demand and facility closures from other customers. Though this contributed to reductions in shipments, and revenue that was somewhat below previous expectations, operational resources and the associated costs were effectively managed to available business levels. As a result, the COVID-19 pandemic did not have a significant impact on our financial results in first quarter 2020. In fact, it was one of the best first quarters in our company’s history. However, in April we experienced significant business declines in all operating segments.”2Last edited by ABFwife; 05-11-2020, 09:22 AM.
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